"Exploring strategic opportunities with the team at Rivian in the future remains an option, as we share the same strategic ambition: accelerating the EV adoption with benchmark products for our customers," said Mathias Geisen, head of Mercedes-Benz Vans.
The German automaker said it will move forward with plans to develop its first dedicated electric van plant in Poland, AP said. Rivian CEO RJ Scaringe said of the decision that his company still shares M-B Van's electrification goals, and that Rivian"look[s] forward to exploring opportunities with [Mercedes-Benz] at a more appropriate time" for the struggling Tesla competitor.Rivian's most recent quarterly financial report, which came out in early November, showed that it, and that it only had cash on hand for three more years of operations.
The company said its ability to continue operating beyond 2025 would largely be dependent on the impact of its Mercedes-Benz deal; with that deal dismissed, Rivian leadership might be starting to circle the wagons to stave off collapse. It's unclear if the decision will help, especially in light of the company's recent recall and failure to get its $5 billion plant near Atlanta, Georgia, off the ground.
Source: Energy Industry News (energyindustrynews.net)
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